The key highlights of the second week of March included the Bank of Canada’s policy meeting, along with the release of crucial inflation data in the United States. These reports covered the Сonsumer Inflation Index (CPI) and the Producer Price Index (PPI).
Germany:
● At 1:00 p.m. GMT, Joachim Nagel, President of the Deutsche Bundesbank, delivered a speech.
Japan:
● Later in the day, at 11:50 p.m. GMT, the GDP report for the fourth quarter was released. The data showed an acceleration in economic growth, with the rate rising from 0.3% to 0.6%.
United States :
● At 2:00 p.m. GMT, the JOLTS report on job openings in the labor market was published. The data revealed that the number of available positions in January reached 7.740 million, up from the previous reading of 7.508 million.
Eurozone:
● At 8:45 a.m. GMT, European Central Bank (ECB) President Christine Lagarde delivered a speech.
United States:
● At 12:30 p.m. GMT, the February inflation report was released, revealing a decline in core consumer price index (CPI) growth. Year-over-year, the core CPI eased from 3.3% to 3.1%, while the month-over-month figure dropped from 0.4% to 0.2%. The overall consumer price index also declined, falling from 0.5% to 0.2% month-over-month and from 3.0% to 2.8% year-over-year.
● Later, at 1:30 p.m. GMT, the Energy Information Administration (EIA) published its weekly crude oil inventory report. The data showed an increase of 1.448 million barrels, following a previous rise of 3.614 million barrels the week before.
Canada:
● At 1:45 p.m. GMT, the Bank of Canada announced the results of its policy meeting, revealing a decision to lower the key interest rate from 3.0% to 2.75%.
● Shortly after, at 2:30 p.m. GMT, the central bank held a press conference.
United States :
● At 12:30 p.m. GMT, the February Producer Price Index (PPI) report was released, revealing a decline in inflationary pressures in the manufacturing sector. The core PPI dropped from 0.5% to -0.1% month-over-month, while the overall PPI fell from 0.6% to 0.0%.
● At the same time, the weekly Initial Jobless Claims report was published, showing a slight decrease in the number of new unemployment claims. The figure came in at 220,000, compared to 222,000 in the previous period.
Great Britain :
● At 7:00 a.m. GMT, the GDP report for January was released. The economy contracted by 0.1% month-over-month, falling short of the forecasted 0.1% growth and the previous month's 0.4% increase.
Germany:
● At 7:00 a.m. GMT, the inflation data for February was published. The consumer price index (CPI) met expectations, remaining at 2.3% year-over-year and 0.4% month-over-month.
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